Spot gold falls below $4600 per ounce! 3.3% intraday decline

As of the close on April 2nd, spot gold (London gold spot) experienced a significant decline during trading, falling below the $4600/ounce mark at one point and reaching a low of $4553.24/ounce, ultimately closing at $4587.6/ounce, a decrease of $195.61 or 4.09% from the previous trading day. International gold futures (New York gold) suffered simultaneous setbacks, closing at $4615.7 per ounce, a 4.10% drop for the day, also breaking through key psychological barriers.

The decline in the silver market has been even more intense, with spot silver (London Silver) experiencing a intraday drop of over 6%, hitting below $70/ounce during trading and closing at $70.495/ounce, a sharp drop of $4.802, or 6.38%; Silver futures (Shanghai Silver Main Connect) also fell sharply, with a intraday drop of 5.94%, becoming the "leader" in the precious metal sector.

The domestic precious metal market is under simultaneous pressure, with gold T+D closing at 1019.11 yuan/gram, a decrease of 1.94%; Silver T+D fell 6.00% to close at 17535 yuan/kg. Although the decline in the domestic market was smaller than that in the international market, the overall trend showed a weakening trend across the board.

The recent decline in precious metals has had varying impacts on different market entities, but short-term market sentiment will still be dominated by emotions.

For physical gold consumers, domestic gold jewelry prices have fallen in sync with international gold prices. Brands such as Chow Tai Fook and Chow Tai Sang's gold jewelry prices have fallen from their previous high of 1700 yuan/gram to the range of 1360-1450 yuan/gram. Wedding and jewelry essential consumption have ushered in short-term bottom fishing opportunities. For gold investors who enter the market at a high level, they face short-term pressure of floating losses, especially for high leverage trading participants, who need to be alert to the risk of additional margin or even liquidation.

The industry generally believes that this decline is a mid-term adjustment in the bull market of precious metals, rather than a trend reversal. The long-term trend of continuous gold purchases and de dollarization by global central banks remains unchanged, providing a rigid bottom line for gold prices; Goldman Sachs, JPMorgan Chase, and other institutions still maintain their year-end target price for gold at $5400-6300. In the short term, gold prices may fluctuate around $4600 per ounce, and attention should be paid to the further impact of non farm data, Federal Reserve policy trends, and geopolitical changes on market sentiment.